If you are thinking about divorcing from your spouse, most experts say that timing is everything. With roughly half of all marriages ending in divorce, and divorce rates continuing to increase, it is important to know when it’s the right time to separate from your spouse, especially if you own a business or have other valuable assets. In this blog, we talk about the best and worst times to get a divorce.
Consider the Age & Maturity of Your Children
Older children deal with divorce much differently than teenagers. It is usually more difficult for younger kids to understand why the divorce is occurring, as well as the issues that both parents are trying to resolve. Younger children are also not self-sufficient, which can make the transition of divorce more challenging to deal with. Sometimes it might be better to wait for your kids to get older before you decide to separate from your spouse.
How Much Shared Credit Card Debt do You Have?
Before you get divorced, you should figure out all of the joint and individual debts that you and your spouse have. Under community property laws, both spouses are responsible for credit card and other debts that have been accumulated during their marriage. If your spouse has a lot of debts, you could end up having to pay for them. This means it might be smarter to wait until your spouse clears their debts before you divorce them.
What’s Your Credit Score?
If you have a poor credit history, getting divorced will likely make it worse. When you split up you might need a new place to live and will also have to pay for moving expenses. Additionally, you might lose some of your assets in the divorce, some of which might require strong credit history to replace. It is a good idea to wait until your credit score is high before issuing your spouse divorce orders.
Is It the Housing Market Good Right Now?
It is smart to divorce when it is a “seller’s market.” Because you want to get the most out of selling your house, you should wait until the housing market sees a trend of strong pricing. Waiting to divorce when the housing market is better can put more money in your pocket after your divorce is finalized.
Will I Be Getting Any Inheritance Soon?
This is important to think about if you live in a community property state. If you inherit something valuable before you get divorced, you might have to split it with your spouse as part of the divorce settlement. However, if you get your inheritance after you are divorced, you will most likely be able to keep your inherited possessions.
Do you have more questions about deciding when it’s the right time to divorce your spouse? Contact our team of Granite Bay divorce attorneys to schedule a free consultation today.